Third of UK firms planning more exports to Europe despite Brexit vote

Over a third of UK businesses are planning to export more goods to Europe over the next five years despite uncertainty caused by the EU referendum, a study shows.

A survey by the British Chambers of Commerce found that almost one in five firms planned to allocate more resources to sourcing products and services from Europe.

Almost one in three of the 1,500 businessmen and women polled said they were looking to increase exports generally as a result of the referendum.

Dr Adam Marshall, director general of the British Chambers of Commerce, said: "These results are an important reminder of the fact that it is businesses that trade, not governments.

"Although the likely outcome of the Brexit negotiations remains unclear, businesses still see Europe as a primary market for both selling and sourcing inputs - even after the UK leaves the EU.

"Looking ahead, businesses want the best possible terms of trade following the Brexit negotiations, whatever the ultimate model adopted.

"UK firms want tariffs, costly non-tariff barriers, and product standards to be at the top of the Government's agenda for a future EU trade deal.

"The best news from this survey is that the EU referendum outcome has sparked a greater interest in foreign markets for a significant number of firms.

"For that very reason, UK companies need sustained, tangible and practical export support that helps them get their goods and services out to the world."

International Trade Secretary Dr Liam Fox said: "It is encouraging to see UK businesses taking steps to make the most of the global demand for British goods and services.

"As we look to leave the EU, we want to take advantage of the global opportunities this presents us and pursue a bold and ambitious free trade agreement with the EU that allows for the freest possible trade."

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